IMO it is a good outcome - CVN has sold 10% of its Bedout assets for AUD 210 million. The funds will be used to assist with funding CVN's share of the Dorado development and further exploration in the Bedout (incl. appraisal well/s at Pavo) . CVN retains 10% equity in 3 of the permits (incl. Dorado) and 20% equity in 2 permits (incl. Pavo). Partner is a well-established and large Taiwanese O&G co.
Whilst some may have hoped for a higher price, for a pre-development project IMO it's a fair outcome for all and I welcome CPC.
GLTA & DYOR
Ann: Partial Bedout Divestment, page-13
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